Nevada Revised Statutes 482.36398 – Death of dealer: Operation of business and accounting to heirs or estate by manufacturer or distributor pending assumption by designated successor; accounting to heirs or estate by successor
1. After the death of a dealer and before the operation of the business under the franchise by a designated successor in interest, the manufacturer or distributor may operate the business by contract or otherwise for his or her own account without obligation or duty to the heirs or estate of the deceased dealer or to the successor in interest except for the obligation to account to the heirs or estate of the deceased dealer for unused portions of prepaid rent or other sums prepaid by the dealer and for any physical inventory used or sold by the manufacturer or distributor.
Terms Used In Nevada Revised Statutes 482.36398
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
2. If the successor in interest assumes the franchise and there has been no intervening operation by the manufacturer or distributor, the successor in interest shall account to the heirs or estate of the deceased dealer for the value or other disposition of personal property of the deceased dealer located at the business or related to the business or franchise.